On Monday, in the course of current trade, Shares of Sunedison Inc (NYSE:SUNE), dropped -3.03%, and is now trading at $8.96.
The Irvine Company declared this week an initiative to become the world’s first major real estate company to create a fleet of hybrid-electric buildings powered by state-of-the-art energy storage systems from Tesla Energy. The company recently signed a memorandum of understanding for the ground-breaking environmental initiative with San Francisco-based Advanced Microgrid Solutions (AMS).
The Irvine Company—with properties throughout coastal California—will institute a portfolio-wide program to install energy storage systems that will reduce peak-energy consumption from local utilities, ease the need for additional power plants, reduce electricity costs and provide back-up power during grid outages.
Large battery systems at each building—which take up the equivalent of about five parking spaces—will be charged during nonpeak hours and be used, when needed, for peak daytime use or in the event of a power failure. Stored energy initiatives such as this one are part of Southern California Edison’s (SCE’s) grid modernization plan.
SunEdison, Inc. develops, manufactures, and sells silicon wafers to the semiconductor industry. The company operates through three segments: Solar Energy, TerraForm Power, and Semiconductor Materials.
Finally, Teck Resources Ltd (USA) (NYSE:TCK), lost -8.11% Monday.
Teck Resources Limited, declared that it and a partner have reached a long-term streaming agreement with a partner of Franco-Nevada Corporation (“Franco-Nevada”) (FNV.TO)(FNV) linked to production at the Antamina mine. Teck holds a 22.5% interest in Compañía Minera Antamina S.A. (“CMA”) which owns and operates Antamina.
Franco-Nevada will make an upfront payment of US$610 million to Teck and will pay 5% of the spot price at the time of delivery for each ounce of silver delivered under the agreement. Teck will deliver silver to Franco-Nevada equivalent to 22.5% of payable silver sold by CMA, using a silver payability factor of 90%. After 86 million ounces of silver have been delivered under the agreement, the stream will be reduced by one third. Closing of the transaction is subject to completion of certain corporate matters and customary conditions and is predictable to take place in the first half of October.
Teck Resources Limited explores, develops, and produces natural resources in the Americas, the Asia Pacific, Europe, and Africa. Its principal products comprise copper, counting copper concentrates and cathode copper; steelmaking coal; and refined zinc and zinc concentrates.
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